New Home Closings Fall in Augusta According to Freshest Figures
Posted on: Jul 06, 2014 07:02:22 AM
In April, there was a decline year-over-year in new home closings in the Augusta, GA market, and the percentage decline, which was steeper than March 2014, gave signs that the market may be worsening. New home closings saw a 26.6% fall from a year earlier to 116. This followed a 24.1% decline year-over-year in March.
A total of 1,539 new homes were sold during the 12 months that ended in April, down from 1,581 for the year that ended in March.
New home closings accounted for 16.2% of overall housing closings. This is down from the 21.6% of closings a year earlier. After rising year-over-year in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $208,480 in April 2013 to $209,539 in April 2014. This followed a move from $221,252 per unit in March 2013 to $219,051 in March 2014.
There was a boost year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 1.3% surge year-over-year to $198,878 in April. In March 2014, average mortgage size declined 2.1% from a year earlier.